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Moroccan phosphate producer OCP plans to issue nearly USD500 million in domestic perpetual bonds, its first local issue since 2011. The company is raising output to offset falling prices and targets 47 million tons of crude phosphate annually in coming years.
Expanding Moroccan output into a weak price environment adds phosphate supply, which is bearish for DAP and phosphate rock prices. The financing itself does not change near-term supply.
bbkonline.comNov 30, 2016After 40 past bearish trade events, DAP moved a median -0.1% over 5 sessions (38% higher; middle half -3.7% to +0.5%), and -2.4% over 20.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
